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Users Advised to Cautiously Proceed on Colony Beta Launch

  • Colony launches v2 beta release for their Colony DApp.
  • The DApp is presently not fully developed.
  • Colony encourages users to find bugs to help fix UX glitches.
  • Users are advised to proceed on the platform with great caution.
  • The platform will roll out more updates in the following month.

Colony v2 will be making its soft launch debut on the Ethereum mainnet. It will sport a simple, user-friendly DAO framework. The company is eager to have users on the Colony DApp, but urges them to process cautiously as the app is not fully ready.

The platform is flexible and practical. However, Colony highlights the fact that the soft launch is simply that — a soft launch. Meaning that most functions are not optimal on the platform just yet. In fact, the brand hopes users will help them find bugs so they can work on fixing all the UX glitches.

Most notably, the app does not have a fully developed Colony Network v5 smart contract system in place. Thus, using them means users will have to adhere to certain limits. Moreover, the brand says that Colony’s security is also not yet fully guaranteed.

Hence, while the brand encourages users to use the platform, it also advises them to tread cautiously. For instance, users should hold low funds on the platform. Furthermore, the brand says that they are working to provide a better experience soon. Therefore, for now, the platform can only provide limited features.

These features include creating and joining colonies, issuing tokens, and receiving funds that come in any compatible ERC-20 tokens. Besides that, users can also send funds to any external accounts.

Additionally, users can structure colonies in a way that allows teams to work on different projects with maximum efficiency. They can also allocate team budgets and assign admin privileges to members within the platform.

The platform also comes with an Event tab. All actions made within a colony are stored here. The log will include everything that occurred within the app and actions made directly through the contracts.

Finally, the last option includes the Recovery mode, this is the colony’s panic button. It’s designed to be used in case of emergencies. When activated it will freeze the colony, fix the issue, and will then proceed to restart the colony.

Following the launch, Colony says that the platform will see many new updates in rapid succession. Besides the regular, minor bug fixes, users will see a wider array of features on the platform over the next month.

Colette Larsen

An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.

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